Does anyone know how to solve the following three TRUE OR FALSE questions? I think you need to use excel to solve it. Please answer if you know how to do are three. Please answer all 3 correctly

1. I solved this problem by using Excel and explicitly calculating the balance and interest at the end of each month. You may be able to solve using Excel functions.

You have accumulated credit card debt = $5,000 You no longer use your card. The card issuer requires a minimum monthly payment 5% of outstanding credit card balance. Annual percentage rate on card = 20%. Interest compounds monthly You pay interest at end of month 1 on balance outstanding at end of time 0. You pay interest at end of month 2 on balance outstanding at end of time 1. and so, on.

Your balance at the end of month 24 is less than $3,000.

2.I solved this problem by using Excel and explicitly calculating the balance and interest at the end of each month. You may be able to solve using Excel functions.

You have accumulated credit card debt = $5,000 You no longer use your card. The card issuer requires a minimum monthly payment 5% of outstanding credit card balance. Annual percentage rate on card = 20%. Interest compounds monthly You pay interest at end of month 1 on balance outstanding at end of time 0. You pay interest at end of month 2 on balance outstanding at end of time 1. and so, on.

Your card balance at the end of month 12 is over $4,000.

3. I solved this problem by using Excel and explicitly calculating the balance and interest at the end of each month. You may be able to solve using Excel functions.

You have accumulated credit card debt = $5,000 You no longer use your card. The card issuer requires a minimum monthly payment 5% of outstanding credit card balance. Annual percentage rate on card = 20%. Interest compounds monthly You pay interest at end of month 1 on balance outstanding at end of time 0. You pay interest at end of month 2 on balance outstanding at end of time 1. and so, on.

Interest paid over two years is greater than $1,200